OmniAmerican loans up, earnings down

The bank on Oct. 9 announced that it trimmed its staff 8 percent, but severance costs related to
the cuts won’t appear until its fourth-quarter results. It also said at the time that it plans to
exit the indirect auto lending business, in which it buys vehicle loans from
dealers.

The bank's increase in loans for the quarter, which amounted to $127 million, came in its commercial loan portfolio,
said CEO Tim Carter. “We believe these steps are a critical part of our
evolution towards a greater focus on commercial lending, residential real estate
lending and retail banking, as part of our plan for success as a full-service,
relationship-focused community bank,” Carter said in a prepared release.